Homework Answers
Answer
- Total Sales, excluding Sales Tax Payable = $ 16,960 /
106%
= $ 16,000 - Sales Tax Payable = $ 16000 x 6% = $ 960 Answer
- Journal entry
|
Date |
Accounts title |
Debit |
Credit |
|
Mar-16 |
Cash (or Account receivables) |
$16,960 |
|
|
Sales Revenue |
$16,000 |
||
|
Sales Tax Payable |
$960 |
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CALCULATOR PRINTER VERSION BACK Brief Exercise 10-3 Greenspan Supply does not segregate sales and sales taxes...
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Brief Exercise 10-3
Coghlan Auto Supply does not segregate sales and sales taxes at
the time of sale. The register total for March 16 is $60,348. All
sales are subject to a 7% sales tax.
Compute sales taxes payable.
Sales taxes payable
$
Make the entry to record sales taxes payable and sales revenue.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
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Make the entry to record sales taxes payable
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account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
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Credit
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Brief Exercise 10-3
Coghlan Auto Supply does not segregate sales and sales taxes at
the time of sale. The register total for March 16 is $60,348. All
sales are subject to a 7% sales tax.
Compute sales taxes payable.
Sales taxes payable
$
Make the entry to record sales taxes payable and sales revenue.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
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Bluestem Supply does not does not segregate sales and sales
taxes at the time of sale. The register total for March 16 is
$10,388. All sales are subject to a 6% sales tax.
Compute sales taxes payable.
Sales tax payable
$
Make the entry to record sales taxes payable
and sales. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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